How to Build a Business Case for New Benefits When Budgets are Tight

Posted by LearnLux on 7/1/20 11:02 AM

Open Enrollment is on the horizon, and you're ready to explore new voluntary benefits. Especially through these tough times, it's important to support employees health, wellbeing and happiness beyond the workplace. But, budgets are tight. How can you effectively build a case with the C-Suite for new benefits buy in?

Tammy Sun of Carrot Fertility and Rebecca Liebman of LearnLux tackled this exact question on their recent digital fireside chat. Each shared an interesting perspective from what they've seen work when it comes to earning C-Suite support. Listen in below:

 

 

Looking for the 🔑 takeaways? Here's the quick hit recap:

  • Leverage Employee Resource Groups (ERGs) - Introduce the idea for new benefits to relevant ERGs to get feedback and build interest. Have the ERG request the new program to the C-Suite 
  • Encourage allyship across your workforce so employees feel comfortable suggesting new benefits on their colleague's behalf
  • Collaborate directly with your CFO / C-Suite to create a new line item for the benefit or program
  • Build a business case with tangible cash ROI around the benefit. For example, one business case for financial wellbeing is that by helping employees understand and take advantage of pre-tax products like HSA and FSA, the company can save thousands of dollars per year in payroll tax

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Tags: employers, employee benefits

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